As forex trading gets popular among traders, many unlicensed brokers are trying to attract investors by falsely claiming their superior order execution& advanced trading platform as their cheating ways. When you believe their fantastic attracting information without any check by yourself, you would easily be marketed the idea of 'easy money' and invest much more money to earn greater returns. Finally, you would lose your money and know the broker you are dealing with is actually a scam.
Recently, BrokersView learned that the forex broker Sunton Capital(SuntonFX) has been one of the mentioned fraud brokers.
Unable to Withdraw
An investor reported that Sunton Capital contacted him on WhatsApp where he was convinced to make investments and lost almost all his money. More specifically, the victim met a man(belongs to Sunton Capital) on what's app and got along well with the man. The victim was asked to help the man to trade on the man's behalf by using the man's MT5 live account details and the trade was much profitable. Then the victim was lured to register himself so he could also earn more profits like the man. So the victim topped up his investment and earn profits from it.
Then one day the man told the victim there was a prize event from the broker that they can possibly earn bonuses. And the victim was advised to take first the minimum level which is $10,000 and he thought it was like just a bonus that he could win it for free, so he finished his deposit. But when the victim realized there was not a bonus activity and wanted to withdrawal, he was rejected by the broker. Finally, he cannot make any withdrawal from his assets.
(Screenshot from the Victim)
Get Warned by Austria FMA& Spanish CNMV
What's more, based on the information we hold, we learned that Sunton Capital was warned by 2 regulators - Austria FMA& Spanish CNMV, giving the reason that it operates and attracts clients without legal licenses.
On 10th September 2021, Austria regulator FMA published a warning against Sunton Capital Limited (Web: www.suntonfx.com). According to the release, FMA warned the public that Sunton Capital Limited is carrying out financial activities unlawfully. With its registered address apparently in London, this broker is not authorised to carry out banking transactions in Austria that require a licence. The broker is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.
On 20th September 2021, the second warning was issued by Spanish regulator - CNMV. According to the related record, CNMV released a notification that this entity has not been authorized to carry out investment services and activities in Spain as a result of the suspension of the authorization.
(Screenshot from the Regulators)
Dealing with unregulated brokers is a huge risk since these brokers work outside the law. Therefore, traders do not have any protect against scams or losses.
Considering Sunton Capital's unregulated status, BrokersView would strongly advise you not to trade with this broker.